Peter Brandt, a veteran trader with over 40 years of experience, has recently taken to Twitter to show a Head and Shoulder pattern that is currently forming on the chart of the second-largest cryptocurrency by market capitalization, Ethereum (ETH).
Peter Brandt, in his tweet, emphasized that he’s not an Ethereum (ETH) critic or hater, but thinks it’s necessary to point out what could be the next target for the crypto asset.
Ethereum (ETH) Log Target Is $2,276
According to the experienced trader, the Head and Shoulder pattern spotted on the Ethereum chart indicates that a price reversal is likely upcoming for the native token of the largest smart contract platform.
He, however, pointed out that he has no plans to sell off Ethereum (ETH), but he’s also not shorting it. He added that whoever currently holds the digital currency should deal with the existence of the bearish formation he spotted on the Ethereum chart.
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Peter Brandt noted, “I am NOT saying I believe it and I am saying I am not shorting it — but like it or not if you own $ETH you will have to deal with it. This possible H&S exists, whether it is completed, fails or morphs, it exists. I am NOT a hater.”
I am NOT saying I believe it and I am saying I am not shorting it — but like it or not if you own $ETH you will have to deal with it. This possible H&S exists, whether it is completed, fails or morphs, it exists. I am NOT a hater. pic.twitter.com/PG50GwaZkI
— Peter Brandt (@PeterLBrandt) September 20, 2021
Reacting to comment under the tweet, Brandt stated that it’s not certain that the pattern will have a negative impact on the future trend of ETH, but said the log target would be $2,276.
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Peter Brandt replied, “I am NOT predicting the end of the world. Even if the H&S works (a BIG IF) the log target is 2276.”
I am NOT predicting the end of the world. Even if the H&S works (a BIG IF) the log target is 2276. pic.twitter.com/Qs6kyCsODm
— Peter Brandt (@PeterLBrandt) September 21, 2021
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